Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

IMF Director: Global Growth Prospects Still Weak at 3%

Sun 11 Feb 2024 | 11:57 PM
Taarek Refaat

The Director General of the International Monetary Fund (IMF) Kristalina Georgieva, confirmed that the Fund will help the Arab region plant a financial tree strong enough to withstand, noting that the “Ghaf” tree is very durable, adaptable and beautiful. 

For the UAE, it has become more than just a tree, it has become a symbol for stability and peace.

She added in her speech before the Annual Arab Fiscal Forum, which is held on the introductory day of the World Governments Summit, that the Arab region plays an increasingly important role in a rapidly changing world. This is reflected in the depth and quality of our engagements, and for the future, ministers from the region will guide the direction of the World Bank and the International Monetary Fund.

Georgieva said in her speech: The 8th Arab Fiscal Forum like our annual meetings in Marrakesh last fall, is evidence of how the partnership between the Arab world and the International Monetary Fund has been nurtured and developed over many years, and reminds me of the classic Arab proverb: “The beginning of a tree is a seed.” 

She continued: “At a time of economic challenges, geopolitical tensions and war, it is very important that we now sow the seeds of growth, cooperation, peace and prosperity, and although uncertainty remains high, we can be a little more confident about the economic outlook, because the global economy "It has been surprisingly resilient. Growth beat expectations in 2023, and global inflation is expected to decline in 2024. But we cannot declare victory too soon."